Binance Establishes HKVAEX to Gain Cryptocurrency License in Hong Kong

On October 25, the South China Morning Post reported that Binance is backing the virtual assets derivatives exchange HKVAEX in its pursuit of a cryptocurrency license in Hong Kong. According to three industry insiders closely associated with HKVAEX, Binance initiated the establishment of the company in December 2022 with the specific goal of obtaining a crypto license in Hong Kong.

Although HKVAEX operates as a distinct entity under BX Services Limited, it relies on shared resources and Binance servers for content retrieval. Notably, both companies’ primary websites exhibit similarities, encompassing shared code and utilizing Binance’s content delivery domain, bnbstatic.com. Moreover, the terms of use for both entities are identical, suggesting a potential sharing of legal resources.

▪️Despite HKVAEX operating as an independent exchange, its affiliation with Binance positions the latter to maintain a substantial presence in Hong Kong. This move becomes particularly strategic amid heightened regulatory scrutiny and liquidity challenges faced by Binance.
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